Warka debit card....it works!!!!!

[Screaming Eagle]

My wife's debit card, (no not Warka, Wells Fargo), was taken for over 9000 dollars through a "scanner-scam" over the course of a month, about 250 at a time right under her nose. (After a trip to Mexico, the money was being drawn daily from ATMs all around Guadalajara). We both learned lessons after that experience, like check your balance more often, and change your PIN after a trip out of the country.

The good news is since we have something called insurance in this country, she was eventually reimbursed. Does Warka have FDIC yet?

$250 a day would be $7500 amonth not $9000. Lets see, your wife is a great a accountant that saves you tons of money yet goes a month not knowing what she is spending or checking her account balance. All countries do not have FDIC insurance as their CB stands behind bank failure. Also what sdoes the FDIC have to do with your wifes situation as FDIC insurance does not protect you against identity theft or unauthorized use of your bank account.

http://banking.about.com/od/savings/a/fdicinsurance.htm

http://banking.about.com/od/checking...ndebitcard.htm

With a stolen debit card (or a stolen debit card number and PIN), you are protected as follows (source: federalreserve.gov):


Your loss is limited to $50 if you notify the financial institution within two business days after learning of loss or theft of your card or code.
But you could lose as much as $500 if you do not tell the card issuer within two business days after learning of loss or theft.

If you do not report an unauthorized transfer that appears on your statement within 60 days after the statement is mailed to you, you risk unlimited loss on transfers made after the 60-day period. That means you could lose all the money in your account plus your maximum overdraft line of credit, if any.

One question, did they steal the funds outof your US account or your Warka account.

[geowhiz]

$250 a day would be $7500 amonth not $9000. Lets see, your wife is a great a accountant that saves you tons of money yet goes a month not knowing what she is spending or checking her account balance. All countries do not have FDIC insurance as their CB stands behind bank failure. Also what sdoes the FDIC have to do with your wifes situation as FDIC insurance does not protect you against identity theft or unauthorized use of your bank account.

http://banking.about.com/od/savings/a/fdicinsurance.htm

http://banking.about.com/od/checking...ndebitcard.htm

With a stolen debit card (or a stolen debit card number and PIN), you are protected as follows (source: federalreserve.gov):


Your loss is limited to $50 if you notify the financial institution within two business days after learning of loss or theft of your card or code.
But you could lose as much as $500 if you do not tell the card issuer within two business days after learning of loss or theft.

If you do not report an unauthorized transfer that appears on your statement within 60 days after the statement is mailed to you, you risk unlimited loss on transfers made after the 60-day period. That means you could lose all the money in your account plus your maximum overdraft line of credit, if any.

One question, did they steal the funds outof your US account or your Warka account.

Like I said, it was a major screw up. No she wasnt checking her account balance daily, believe it or not most people just trust that they arent being ripped off everyday behind their backs. And yes she is the best tax manager I know (of course I only know one ). This happened in 2008, the same year I also was taken for about 4000 dollars on a different card (some a-hole flying all over Europe on my card). It was the "year of the scam". Needless to say we have pared down to less than 5 cards between us now and check them almost daily.

[Adster]

Might be less. I had mine in 22 days.

US or UK stevie?

[lglwzrd]

hey-how many of us have been taken by buying dinars???!!!

[iamtherealdreamer]

hey-how many of us have been taken by buying dinars???!!

not me!

sent 98% of mine to Warka for stocks N CD's N U can see the rest in my avatar

[geowhiz]

hey-how many of us have been taken by buying dinars???!!!

Did you ever buy any on ebay or through a dinar broker? In your case I suspect probably not because you're smart. But if you did, you were, in fact, taken, meaning somebody made money off your purchase. (Hopefully not for much). I was a "middle-man" for years and never liked it.

My first million dinar purchase I paid about 1100 dollars (back in 2005), through some dinar scam artist. I then paid for several other million dinar purchases in the 900-1000 range until I (found this site) and figured out you could wire right to Warka. I guess we will see how much Warka ultimately "scams" me when I try to get my ISX proceeds back someday, and then how much the IRS scams me further.

The CDs have been my saving grace in this "investment".

[stevie]

US or UK stevie?

US, soo maybe yours will be sooner.

[lglwzrd]

Rhetorical questions dont need to be answered

[richsoon]

$250 a day would be $7500 amonth not $9000. Lets see, your wife is a great a accountant that saves you tons of money yet goes a month not knowing what she is spending or checking her account balance. All countries do not have FDIC insurance as their CB stands behind bank failure. Also what sdoes the FDIC have to do with your wifes situation as FDIC insurance does not protect you against identity theft or unauthorized use of your bank account.

http://banking.about.com/od/savings/a/fdicinsurance.htm

http://banking.about.com/od/checking...ndebitcard.htm

With a stolen debit card (or a stolen debit card number and PIN), you are protected as follows (source: federalreserve.gov):


Your loss is limited to $50 if you notify the financial institution within two business days after learning of loss or theft of your card or code.
But you could lose as much as $500 if you do not tell the card issuer within two business days after learning of loss or theft.

If you do not report an unauthorized transfer that appears on your statement within 60 days after the statement is mailed to you, you risk unlimited loss on transfers made after the 60-day period. That means you could lose all the money in your account plus your maximum overdraft line of credit, if any.

One question, did they steal the funds outof your US account or your Warka account.

Wells Fargo paid up the entire amount plus all the ATM fees.

[richsoon]

Like I said, it was a major screw up. No she wasnt checking her account balance daily, believe it or not most people just trust that they arent being ripped off everyday behind their backs. And yes she is the best tax manager I know (of course I only know one ). This happened in 2008, the same year I also was taken for about 4000 dollars on a different card (some a-hole flying all over Europe on my card). It was the "year of the scam". Needless to say we have pared down to less than 5 cards between us now and check them almost daily.

It actually happened in 2007 and I was not watching because my father had just passed away and we had a major flood in the house. A bit distracted at the time.

[geowhiz]

It actually happened in 2007 and I was not watching because my father had just passed away and we had a major flood in the house. A bit distracted at the time.

We know the deal. That whole year basically sucked. Although getting harassed, shaken-down, and eventually ripped off by the Mexican cops certainly wasnt the highlight of my life. But it happens.

Thank God we live in America (sometimes).

[dlp]

Got my new card two days ago and it's working great! Thanks for posting about this lglwzrd! Funds for this transaction were removed from my IQD account and it is paired with my IQD account. Balance at the ATM machine showed in US dollars. No need to transfer funds to USD account, I guess.

[calstar]

Hey just received my Warka Bank Card. DHL just drop it off.

[SmoothOperator]

Any Aussies have any luck using their Warka Debit Cards? What account do you select (Cheque/ Savings or Credit)? and which Bank's tellers did you use?

[Misafost]

Just to confirm:
I send an email to sawsan@warka-bank-iq.com asking them for an application for a Warka debit card. They send me an application with instructions and I scan it in as a pdf with my pass port and an authorization letter to take the fees out of either my IQD or USD account. Is this correct? Thanks for any assistance.

[calstar]

IQD Account

[RL-Dinar]

AHHH !!!
I just received my card, but it doesn't work !!
I tried it at a bank ATM, a supermarket ATM and an office supply store.
Has anyone had this happen to them????

I sent an email to Warkajust now. Hopefully they will reply soon

Any suggestions??? thanks

[calstar]

Sent a copy of your application back with your signature. Then they will activate it.

[Chaka]

Seems like only yesterday the naysayers were chastizing us for foolishly wiring money to iraq because warka wasnt a real bank.
They alleged the bank was a front for IIF admin to harvest $$ sent by unwitting members.
These same individuals also said we wouldnt get warka proxy shares in our name-- 0 fer 2

People using actual iraqi debit cards tied to their bank account...what a long journey its been but warka is miles ahead of the rest. It used to be 6 weeks to get confirmation of wire deposits in 2004
Neat to finally see cool fruits of our labor- resulting from group of risk takers who barely knew each other collectively working together to help each other. Far more productive than all the name calling or pee contests.
Mr I has been excellent about listening to suggestions to improve customer service over the years and in fact implementing some of them(posting notices about splits/pd shares online to reduce email requests)..

Same with ISX-still in its infancy but hopefully everyone understands long way to go before ISX is a major player in the world. Each new day one step closer.
First conversion to etrading now a new web site is just a start according to one broker. There will be many options coming soon.

What some of you are not aware of is we, as foreign investors, have actually created a couple scenarios the ISX laws had not imagined.
For example, you can transfer shares from an Iraqi to a foreigner or vice versa but you cannot transfer from foreigner to foreigner because no law exists to address this --yet but its coming.
A couple transfers were done but brokers were threatened with fines to continue with the practice until legislation is in place.

Transfers inside warka proxy do not apply because shares are not officially in name of foreigner

I know there will be the non believers that we, as investors, actually have a hand in creation of some minor ISX laws or ideas implemented with warka but my saved emails are all dated all the way back to 2004- so I can back everything up but you will all see soon enough once the new law is in place this is true.
ISX wasnt expecting small groups of investors to wish to break up portfolio into many smaller individual accounts. Partly has to do with money laundering and bank laws. Partly has to do with lack of foresight.

Iraq wants to be able to track how money enters country to each investor. In theory, if money was brought in under legitimate investor then stocks transferred to someone "acting or has acted illegally" it is possible they could sell shares, and move monies quickly to use for terrorism or other criminal acts before being caught.
Why did our groups invest together under a single investor? To minimize cost of wiring internationally and to meet, in some cases, broker minimum account balances. Why pay 30 individual fees of $ 50 per wire when you only need to spend $ 50 once and can invest the other $ 1450 in stocks. Smart investing with minimal extra paperwork.


Splits and paid capital offerings galore coming from banks so have funds prepped to take advantage.


Keep enjoying the ride!

[JJLL]

The post Chaka has written above is one of the best posts I've read in a very long time. His words ring true.